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Current Regulatory Framework

Under the Payment
Systems (Regulation) Act 1998,
the Reserve Bank has the power to designate
a payment system, impose an access regime
on a payments system and to establish
standards to be complied with by participants
in the system. This page provides links
to designations, standards and interchange
fee benchmarks calculated in accordance
with standards, access regimes, exemptions
from the interchange fee provisions of
the Access Regime for the ATM System
and relevant media releases.

On several occasions, organisations have provided
written undertakings to the Bank. These undertakings
are listed here for completeness because they affect
the operation of the organisations even though
they have not been imposed by the Bank.

Go To

Credit and Charge Cards

Regulations and Undertakings

Title

System

Commencement Date

Date of Gazettal

Media Release

The original undertakings by American Express and Diners Club were provided in August 2002. The American Express undertaking was revised in 2004 following a corporate
restructure. Both were revised in 2013 to reflect changes to the Surcharging Standards that became effective in March 2013.

The Bank has waived the requirement to recalculate
these benchmarks for the 2012/13 year. The Bank has previously waived the requirement for the 2009/10 year. Under the current
standards, these benchmarks will continue to apply until a scheduled recalculation in 2015/16.

Debit Cards

Regulations and Undertakings

Title

System

Commencement Date

Date of Gazettal

Media Release

1. In July 2006, MasterCard provided the Reserve Bank with a
written undertaking to voluntarily comply
with the Debit Interchange Standard, and
with the ‘Honour All Cards’ and ‘No Surcharge’ Standard.
This undertaking was revised in January 2014 to reflect changes to the Surcharging
Standards that became effective in March 2013.
2. In November 2012, the Payments System Board made
an in-principle decision to revoke the Access Regime
for the EFTPOS system when it was satisfied that suitable
access arrangements had been put in place. The Board
considers that this condition is likely to be met when
three major banks have connected to the eftpos Hub.

The Bank has waived
the requirement to recalculate these benchmarks for the 2012/13 year. The Bank has
previously waived the requirement for the 2009/10 year. Under the current standards,
these benchmarks will continue to apply until a scheduled recalculation in 2015/16.

ATM System

Exemptions from Paragraphs 11 and/or 12 of the Access Regime for the ATM System

Exemption Number

Description

Commencement Date

The Reserve Bank may grant an exemption to a participant in the
ATM system from any or all of the requirements of paragraphs
11 and 12 of the Access Regime for the ATM System in
accordance with paragraph 16 of the Access Regime.